Housing inventory continues to increase nationwide, with active listings up 26.6% year-over-year in August, according to Realtor.com’s recent Monthly Housing Report. As the housing market recalibrates toward a more balanced state, many REALTORS® are reporting an increase in price reductions, longer days on market, and a deceleration in listing prices, offering homebuyers more time—and choices—when making their next move this fall.
In the Twin Cities region, for the week ending September 3:
• New Listings decreased 24.1% to 1,170
• Pending Sales decreased 28.5% to 968
• Inventory increased 3.5% to 8,810
For the month of July:
• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8